A change in leadership at PECO — CEO prepares to step down

PHILADELPHIA >> Craig Adams, president and CEO of PECO, will be stepping down from his position — retiring effective March 30. The move was announced Thursday by Denis O’Brien, senior executive vice president of Exelon Corporation and CEO of Exelon Utilities, and the PECO Board of Directors.

Adams will be succeeded by Mike Innocenzo, who currently serves as PECO senior vice president and chief operating officer. Innocenzo will also assume Adams’ role as executive vice president of Exelon Corp.

Adams has served as PECO’s president and CEO since March 2012. During his more than 30-year career, Adams has held various leadership roles at PECO and Exelon, as well as its sister utility, Commonwealth Edison (ComEd), which serves northern Illinois. He began his energy industry career with Public Service Electric and Gas Co. (PSE&G) in New Jersey and is a veteran of the United States Army.

Adams said he has achieved what he wanted to do at PECO. In an interview with Digital First Media Thursday afternoon, he pointed to two specific achievements that he is most proud of.

Advertisement

“The first is the significant investment in projects advancing the grid and smart meter that has really been moving PECO into the digital world,” he said.

The company’s advanced grid and meter infrastructure project, known as Smart Grid, has led to increases in service reliability, provided new customer tools and set the groundwork for future technological enhancements, according to the company.

Another achievement is in the area of diversity.

“One personal goal has been to make our company look like the communities it serves, and we have made significant inroads,” Adams said.

As for things he didn’t get finished, Adams said there is more to come around technology.

“We’re really doing a lot of work in the customer system to make it easier for customers to do business as they want to do it — whether it’s from a computer or a mobile device. We have gotten started, but there is so much that will still be done, that we’re excited about,” he said.

Adams said the company may be providing analytics to customers that will help them make decisions about how they use energy.

“The data will get more precise for the customers that want to use it,” he added.

Adams has served on the boards of the American Gas Association and the Energy Association of Pennsylvania, and directed the company’s annual support of community and nonprofit organizations throughout the region. Personally, he served five years as chairman of LEADERSHIP Philadelphia, and as board chairman of the Camphill Special School.

Adams said he has three things he wants to do next: spend more time with his family; continue to work as a board member for business and continue his work with non-profits.

“I have been involved with the Camphill Special School for 18 years now. It is an organization that is worthy of a lot of support,” he added.

Before taking on the role of senior vice president and COO of PECO in 2013, Innocenzo served as vice president of distribution system operations and advanced grid and meter technology. His career at PECO began in 1988, and he has held leadership roles in several departments including: gas operations, quality service, performance improvement and electric operations.

“Mike was a natural choice as Craig’s successor, and we are thrilled that he has accepted the mantle of leadership. He knows PECO intimately and is already a critical driver behind our business today,” said O’Brien in the release. “Mike has the experience and strategic vision to see where PECO needs to go and make it happen.”

Innocenzo serves on the boards of the Philadelphia Free Library, the Philadelphia Police Athletic League (PAL) and the Southeastern Electric Exchange. He has also led special projects with the Edison Electric Institute and the North American Electric Reliability Corporation.

He holds a bachelor’s degree in electrical engineering from Widener University, and an MBA from Villanova University.

Adams does have a little bit of advice for Innocenzo as he prepares for his new role.

“Mike knows the business and has been part of any major thing at PECO during my time. I would say to him, ‘every now and then take a deep breath and let it go. Then, put your head down and go back into the wind,’” he said.

Headquartered in Philadelphia, PECO delivers energy to more than 1.6 million electric customers and more than 516,000 natural gas customers in southeastern, Pennsylvania, and is a subsidiary of Exelon Corporation.